Gold struggles for direction as dollar gains ground

Gold struggles for direction as dollar gains ground

David Gray/Agence France-Presse/Getty Images Gold futures flipped between small gains and losses Monday, struggling to find haven-related buying support as global equities fell in response to rising COVID-19 cases in the U.S. and Europe.

A stronger U.S. dollar, meanwhile, was seen capping gains for the yellow metal.

Gold for December delivery GOLD was up $2.80, or 0.1%, at $1,908 an ounce on Comex, while December silver SIZ0 was off 26 cents, or 1.1%, at $24.415 an ounce.

“The great gold consolidation continues, with price holding up relatively well this morning and clinging onto support, despite broader market sentiment turning negative and the dollar making decent gains,” said Craig Erlam, senior market analyst at Oanda, in a note. “This hasn’t been the best combination for gold prices this year but they are showing some resilience in early trade.”U.S. stock-index futures pointed to a lower start for Wall Street on Monday, with pressure attributed […]

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